Closes Private Placement Financing

Wednesday, September 01, 2010Blue Sky Closes Private Placement FinancingBlue Sky Uranium Corp. (TSX-V: BSK, WKN: AOMKXP) ("Blue Sky" or the "Company") has received regulatory approval from the TSX Venture Exchange for the Company's non-brokered private placement originally announced on July 19, 2010. Blue Sky has issued 10,329,000 units at a price of $0.25 per unit for gross proceeds of $2,582,250. Lumina Capital LP subscribed for 1,000,000 units of the private placement.

Each unit consists of one common share and one-half common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at a price of 35 cents per share for 24 months from the date of issue of the warrant. If the closing price for the company's common shares is 60 cents or greater for a period of 15 consecutive trading days, then the warrantholders will have 20 days to exercise their warrants; otherwise the warrants will expire on the 21st day. A director of the Company subscribed for a portion of the financing.

The proceeds of this financing will be used to explore and develop Blue Sky's uranium property portfolio in Argentina and for general working capital.

Finders' fees are payable on a portion of the private placement to parties at arm's length to the Company, as follows: total cash fees of $133,727.50; and, 534,310 finders' warrants, such warrants exercisable into common shares at 35 cents per share for a two-year period.

About Blue Sky Uranium Corp.

Blue Sky Uranium Corp. is dedicated to actively exploring the Patagonia region of Argentina. Experienced management and technical members, who foster relationships with a vast amount of international industry contacts, lead the exploration team on the search for quality resource opportunities. Blue Sky is a member of the Grosso Group, a resource management group with over 15 years experience in exploring South America.

ON BEHALF OF THE BOARD

"Sean Hurd"

Mr. Sean Hurd, President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.